cccs or not??

homer_simpson_2

Hi,
a little advice required:think:

being a noob i shall give you a little background.

ok, my loans, hsbc loan, £ 15000, capital one (cc) £8000, mint (cc) £5500
marbles (cc) £ 500, egg (cc) £ 250, thinking of transferring the last 2 to mint card, before i do anything else, less creditors the better:rolleyes:
:mad:
right, first off i have not missed a payment to any creditor, and have a clean credit rating, but am working 55 -60 hours a week, every week, just to keep up :wall:

I finally faced facts and admitted to myself the hole has got a bit too deep to get out of, after lurking on here a few days i decided to ring cccs, they sent me a management agreement and a pretty management payment figure, but after doing a bit more reading, i realised as soon as i go with them i am going to start getting default letters, nasty calls and letters, and as i have never been there, it scares me, dont like the sound of it!!_pale_

So i am wondering would i be better off ringing my creditors and explaining my situation, and agreeing a lower payment? has anyone been there?,i presume you wont get default letters and nasty call going this route? or am i better off letting cccs deal with it, as they have better negotiation power,

I did read a horror story of someone on a hsbc managed debt who was paying £65 p/m and £64 of it going on interest:eek: is that common?


so my main questions are......
so are people on cccs or similar really getting harrased from creditors?
and do you get ripped off if you approach creditors direct?

any help or input appreciated:T

skylight

Yes and No in both cases.

Sorry.


I think that it really depends on the company you are dealing with. Mine all went for the jugular at the first phone call I made - however, all my Dads creditors couldn't bend over backwards - letting him have a 6 month interest free break to get him back on his feet (and without interest he made on heck of a dent in his debts).

There is no hard and fast answer here though and there is no guarantee each creditor will act in the same way either.

Merlot

Hi and welcome to the board, can I ask you to post an SOA first so we know what we are dealing with, list all your debts with APRs, you may be able to balance transfer some of them if your credit rating is good.

I believe people on DMP can and do receive phone calls, although they shouldn't really, but they do. If you do the reduced payment on your own, you will get phone calls etc, CCCS or Payplan can help to freeze interest as you as an individual may not be able to.

My advice to you is list your SOA and we will take it from there.

Merlot.x.

MrsTinks

Depending on your creditors they may or may not let you have payment breaks etc etc
Honestly my advise would probably be to use any of the free charities like CCCS, CAB or Payplan and do a DMP. Yes your credit rating will be shot but lenders are tightening the criteria anyway and if you've maxed your credit they will be unlikely to give you new credit. Also you will more than likely get calls about your debt when you default. Please don't worry! There will be empty threats and lots of moaning (well most likely - you might be lucky and find your creditors are not like that) but eventually they will all realise you are making regular payments and most will freeze interest.
You could post a SOA here first - won't hurt! - and we can see if we think DMP will be the way forward

Best of luck

Racklen

ive had mixed experiences with my creditors all have been pretty understanding and accepted the amount and are happy im paying it back, one main bank have been horrible but ive stood my ground and contacted the cccs to ensure i know my rights along the way and im finally slowly getting somewhere and the calls abd letters have now stopped, creditors will try and push you into paying them more or signing some agreement to get more interest out of you and incase you will crumble , the cccs is a frist step in getting control and changing your life, then the rest is up to you with their help and advise

gregster10217

GOD i could have written this post!!! Sorry to hijack but I have faced up to my debt over the past week and had my calls with cccs today and they told me the same thing!
It really scares me that I will get default notices! They said I could also be threatened with debt agencies and there is a risk of ccj's.

What do you think the chances are of this???

Again sorry for the hijack:embarasse

Deep_In_Debt

Hi

I'm with CCCS and yes, my credit rating is trashed but I don't want credit again if this is the mess I get into with it. I can't be trusted with it!

You will get calls from creditors. Mine have finally stopped after about 3 months on my DMP. I think creditors like to see a regular payment come through. Up until now, I've just ignored their calls. They are starting to freeze interest now which they didn't after 6 months of me going it alone.

Your credit will still be trashed if you come to agreements with your creditors as you are defaulting on your original agreement with them, so I guess it's as long as it's broad. I personally chose to go with CCCS as previously I had had no luck trying it on my own - my creditors got a bit nasty with me and refused to freeze interest so I decided to let someone else do the work for me and take the stress from me.

Good luck.

Racklen

cccs basically take your payment of you and hold it in a bank for a couple of week then pay the amount over to your creditors ( that is the exactly same amount you pay them) they pay their wages from the interest they make from holding the money in the bank before paying it over, dont quote me on this but i think they are a registered charity too

Deep_In_Debt

They are a registered charity and they have to make their money somehow. I'd rather my creditors get the full amount that I pay than some management company taking a £25% cut from my monthly repayments, thus creditors getting less and taking longer to pay my debts.

homer_simpson_2

ok, my soa,

income (before any o/t) £1800

outgoings
mortgage £590
gas/elec £65
c tax £65
water £11
phone £21
sky £48 <- inc broadband
petrol £100
income ins £38
morg ins £15
life ins £6
home ins £15
pension £60
food £120
cap1 cc £241 13.6% (maxxed)
mint cc £109 0% till november (£1100 remaining)
secured loan £259 6.5%
hsbc p loan £217 8% i think?
marbles £8 22.9%:eek: ( to transfer to mint)
egg £5 19.9% ( to transfer to mint too)

total £1993

(not including annual stuff, car insurance, car tax, ect ect:eek: )

hence the 10+ hours overtime:mad:

dottyanne

Basically your already maxed out without even budgeting for things as you say like car tax, xmas, clothes. etc so you need to act now. If possible read other thrads to see how a full SOA is set out, and then work out what your budget for EVERYTHING should be.

Then lets see where we can help...